Bart De Pauw: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Bart De Pauw
Largest movements
- Cash +€13,406
up €13,406 (+45.3%), from €29,577 to €42,984
mainly Net result for the year (+€22,313) and Depreciation (+€14,201)
- Tangible fixed assets +€8,198
up €8,198 (+51.2%), from €16,012 to €24,210
of which Furniture and vehicles: +€12,872
- Receivables within one year -€7,920
down €7,920 (-26.5%), from €29,898 to €21,977
of which Trade receivables: -€7,944
- Deferred charges and accrued income -€5,515
down €5,515 (-67.1%), from €8,216 to €2,702
- Debts after one year +€8,617
new in 2025: €8,617
- Current portion of long-term debt +€7,138
new in 2025: €7,138
- Other debts -€6,069
down €6,069 (-20.7%), from €29,365 to €23,295
- Short-term financial debts -€4,167
down €4,167 (-100%), from €4,167 to €0
- Tax, wage and social debts +€2,613
up €2,613 (+14.5%), from €18,070 to €20,683
of which Taxes: +€1,836
- Taxes +€5,521
up €5,521 (+288%), from €1,918 to €7,439
- Staff costs +€5,506
up €5,506 (+16.5%), from €33,404 to €38,910
- Gross operating margin +€4,938
up €4,938 (+6.2%), from €80,254 to €85,192
- Depreciation -€3,805
down €3,805 (-21.1%), from €18,006 to €14,201
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €83,703 | €91,873 | +€8,170 | +9.8% |
| Fixed assets | 21/28 | €16,012 | €24,210 | +€8,198 | +51.2% |
| Tangible fixed assets | 22/27 | €16,012 | €24,210 | +€8,198 | +51.2% |
| Plant, machinery and equipment | 23 | €7,846 | €3,172 | -€4,674 | -59.6% |
| Furniture and vehicles | 24 | €8,166 | €21,038 | +€12,872 | +158% |
| Current assets | 29/58 | €67,691 | €67,663 | -€28 | 0.0% |
| Amounts receivable within one year | 40/41 | €29,898 | €21,977 | -€7,920 | -26.5% |
| Trade receivables | 40 | €29,566 | €21,622 | -€7,944 | -26.9% |
| Other amounts receivable | 41 | €332 | €355 | +€24 | +7.2% |
| Cash at bank and in hand | 54/58 | €29,577 | €42,984 | +€13,406 | +45.3% |
| Deferred charges and accrued income | 490/1 | €8,216 | €2,702 | -€5,515 | -67.1% |
| Total equity and liabilities | 10/49 | €83,703 | €91,873 | +€8,170 | +9.8% |
| Equity | 10/15 | €28,966 | €28,966 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €18,966 | €18,966 | = | 0.0% |
| Distributable reserves | 133 | €18,966 | €18,966 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,737 | €62,906 | +€8,170 | +14.9% |
| Amounts payable after more than one year | 17 | - | €8,617 | +€8,617 | |
| Financial debts | 170/4 | - | €8,617 | +€8,617 | |
| Amounts payable within one year | 42/48 | €54,730 | €54,290 | -€441 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,138 | +€7,138 | |
| Financial debts | 43 | €4,167 | €0 | -€4,167 | -100% |
| Credit institutions | 430/8 | €4,167 | €0 | -€4,167 | -100% |
| Trade debts | 44 | €3,129 | €3,174 | +€45 | +1.4% |
| Suppliers | 440/4 | €3,129 | €3,174 | +€45 | +1.4% |
| Taxes, remuneration and social security | 45 | €18,070 | €20,683 | +€2,613 | +14.5% |
| Taxes | 450/3 | €12,653 | €14,489 | +€1,836 | +14.5% |
| Remuneration and social security | 454/9 | €5,417 | €6,193 | +€777 | +14.3% |
| Other amounts payable | 47/48 | €29,365 | €23,295 | -€6,069 | -20.7% |
| Accrued charges and deferred income | 492/3 | €7 | €0 | -€7 | -100% |
| Remuneration, social security and pensions | 62 | €33,404 | €38,910 | +€5,506 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,006 | €14,201 | -€3,805 | -21.1% |
| Other operating charges | 640/8 | €1,696 | €1,613 | -€84 | -4.9% |
| Non-recurring operating charges | 66A | €610 | €0 | -€610 | -100% |
| Gross operating margin | 9900 | €80,254 | €85,192 | +€4,938 | +6.2% |
| Operating profit (loss) | 9901 | €26,537 | €30,469 | +€3,931 | +14.8% |
| Financial income | 75/76B | €41 | €26 | -€14 | -35.3% |
| Recurring financial income | 75 | €41 | €26 | -€14 | -35.3% |
| Financial charges | 65/66B | €92 | €744 | +€652 | +711% |
| Recurring financial charges | 65 | €92 | €744 | +€652 | +711% |
| Profit (loss) for the period before taxes | 9903 | €26,486 | €29,751 | +€3,265 | +12.3% |
| Income taxes | 67/77 | €1,918 | €7,439 | +€5,521 | +288% |
| Profit (loss) for the period | 9904 | €24,569 | €22,313 | -€2,256 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,569 | €22,313 | -€2,256 | -9.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.